EU extends emissions trading to maritime sector and will use some of cash generated for new “Ocean Fund”

Shipping’s CO2 emissions are to be included in the European Union’s Emissions Trading System (ETS) as the EU proposes a binding target in line with the IMO’s ambition to cut levels by 40% by 2030.

A proposal was approved Tuesday in a meeting of the parliament’s Environment Public Health and Food Safety Committee to revise the EU system for monitoring, reporting and verifying CO2 emissions from maritime transport. Sixty-two voted in favour, three against and there were 3 abstentions, the EU said.

Welcoming the proposal, the committee said it wants to see “more ambition” and voted to include ships of 5000 gross tons and above in the ETS — the first and still the largest greenhouse gas emissions trading scheme in the world.

In addition, parliament members said market-based emissions reduction policies are “not enough” and introduced binding requirements for shipping companies to reduce their annual average CO2 emissions per transport work, for all their ships, by at least 40% by 2030.

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